👨‍💼 SFC Senior Management Liability: Are You Protected or Exposed? 👨‍💼

Over recent years we have observed that the SFC has intensified its focus on personal liability within Licensed Corporations. This shift, underscored by General Principle 9, reinforces that senior management, including Directors, ROs, and MICs, bears primary responsibility for a firm’s conduct and procedural adherence.

Within our article, we have summarized the critical focus areas for senior management, including:
➡️ Defining “Senior Management”: Understanding the roles of Directors, ROs, and MICs
➡️ Core MIC Functions: Managing the 8 prescribed Core Functions (e.g., Compliance, IT, AML)
➡️ Expected Standards: Understanding the scope of authority and managing business risks
➡️ Key Oversight Areas: Internal controls, cybersecurity, and financial resources (FRR)
➡️ Enforcement Trends: Learning from recent cases where “neglect” led to personal bans
➡️ Legal Liabilities: Navigating civil sanctions and potential criminal prosecution under the SFO

If you’d like to discuss how these accountability frameworks apply to your senior management team to align with SFC expectations, feel free to contact us at info@pcacompliance.com.

Please free to contact us via info@pcacompliance.com if you have any questions.

We invite you to read our publication below.

PDF: Senior Management Liability: Are You Protected or Exposed